Michael Hudson, “How economic theory came to ignore the role of debt”, real-world economics review, issue no. 57, 6 September 2011, pp. 2-24, http://www.paecon.net/PAEReview/issue57/Hudson57.pdf
A credit-based theory of pricing would start with the perception that debt service represents a rising share of the cost of producing and distributing goods and services.
Excellent!
No meaningful analysis of demand – or of the degree to which Say’s Law applies – can be drawn up without taking the volume of debt service into account.
Excellent!
Michael Hudson, “How economic theory came to ignore the role of debt”, real-world economics review, issue no. 57, 6 September 2011, pp. 2-24, http://www.paecon.net/PAEReview/issue57/Hudson57.pdf
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